Even if one is familiar with the technical aspects of IFRS, there are a number of areas and guidelines which must be considered when adopting IFRS in Canada. In fact, there is even a specific standard, IFRS 1 (First-Time adoption of IFRS), which is devoted to describing in detail what first-time adopters must do. The standard presents areas which first-time adopters are exempt from applying and as well discusses mandatory exceptions which first-time adopters are not allowed to implement. This workshop reviews the guidelines that every organization must follow and is targeted specifically for Canadian organizations. In addition, it discusses some key aspects related to a successful implementation.

Topics covered

Overview of IFRS

Introduction to the IFRS 1 standard – First Time Adoption of IFRS

Major changes between IFRS and Canadian GAAP

Exemptions from applying IFRS

Mandatory Exceptions to applying IFRS

Applying IFRS 1 to Canadian corporations

Changes on adoption guidelines expected to be announced by the International Accounting

Standards Board (IASB) by 2011

What can be learnt from prior implementations of IFRS

Guidelines for a successful IFRS implementation

Workshop format

This workshop is a highly interactive, instructor-led session.

Who will benefit

This course is intended for individuals who are familiar with the technical aspects of IFRS and the major changes between IFRS and Canadian GAAP. The program is oriented towards participants who are responsible for implementing IFRS in their organization or considering the merits of IFRS in an entity which is not required to convert to IFRS.